Gladstone Institutional Advisory LLC acquired a new stake in shares of 89bio, Inc. (NASDAQ:ETNB – Get Rating) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 10,000 shares of the company’s stock, valued at approximately $127,000.
Several other institutional investors have also recently modified their holdings of ETNB. JPMorgan Chase & Co. lifted its holdings in 89bio by 33.9% in the 1st quarter. JPMorgan Chase & Co. now owns 249,752 shares of the company’s stock worth $941,000 after buying an additional 63,280 shares during the period. Acadian Asset Management LLC bought a new position in shares of 89bio during the first quarter valued at approximately $34,000. Rhumbline Advisers bought a new position in shares of 89bio during the first quarter valued at approximately $42,000. BlackRock Inc. grew its stake in 89bio by 8.3% in the first quarter. BlackRock Inc. now owns 922,230 shares of the company’s stock worth $3,476,000 after purchasing an additional 70,489 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in 89bio during the first quarter worth $178,000. 87.78% of the stock is currently owned by institutional investors.
Insider Activity at 89bio
In related news, CFO Ryan Martins sold 3,592 shares of 89bio stock in a transaction dated Friday, February 3rd. The stock was sold at an average price of $13.04, for a total value of $46,839.68. Following the completion of the transaction, the chief financial officer now owns 35,368 shares in the company, valued at approximately $461,198.72. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO Ryan Martins sold 3,592 shares of 89bio stock in a transaction dated Friday, February 3rd. The stock was sold at an average price of $13.04, for a total value of $46,839.68. Following the sale, the chief financial officer now directly owns 35,368 shares in the company, valued at approximately $461,198.72. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Rohan Palekar sold 15,000 shares of 89bio stock in a transaction dated Thursday, March 23rd. The stock was sold at an average price of $16.00, for a total value of $240,000.00. Following the completion of the sale, the chief executive officer now owns 269,080 shares in the company, valued at $4,305,280. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 2,529,326 shares of company stock worth $41,016,456 and sold 36,333 shares worth $554,376. 11.80% of the stock is owned by company insiders.
89bio Price Performance
Wall Street Analysts Forecast Growth
Several brokerages have recently commented on ETNB. Oppenheimer increased their price objective on 89bio from $18.00 to $33.00 in a report on Wednesday, March 22nd. Raymond James lifted their price objective on 89bio from $25.00 to $50.00 in a research note on Wednesday, March 22nd. Cantor Fitzgerald lifted their price objective on 89bio from $34.00 to $45.00 in a research note on Wednesday, March 22nd. HC Wainwright lifted their price objective on 89bio from $25.00 to $30.00 in a research note on Wednesday, March 22nd. Finally, Bank of America lifted their price objective on 89bio from $17.00 to $24.00 in a research note on Sunday, March 26th. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $32.22.
89bio Profile
89bio, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of therapies for the treatment of liver and cardio-metabolic diseases. Its lead product candidate is pegozafermin, a glycoPEGylated analog of fibroblast growth factor 21 for the treatment of nonalcoholic steatohepatitis.
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